In line with a recent ‘announcement‘ by the chief executive officer of Binance namely ‘Changpeng Zhao’, the cryptocurrency exchange plans to resume its deposits and withdrawal services back to online from Tuesday i.e. 14th May.
Stating further, he ‘added‘:
“Our team is making a progress and has been working continuously through the weekend. Within the past few days, we’ve made some vital overhauls to our system, with a wide-range of advanced security measures added and/or fully re-architected. We will share details on a number of the changes later.
We aim to totally resume deposits and withdrawals on Tuesday. The time would be communicated lately, depending upon on how the testing goes. This Binance upgrade would require a trading halt. We would update you again tomorrow.”
Presently, all withdrawal and deposit actions on the Binance exchange are marked “Suspend” and can’t be further processed on the exchange. However, one user on social media said that they were able to ‘transfer‘ deposits to the address by ways of earlier identified addresses.
Within the previous announcements the exchange ‘proclaimed‘ the upcoming support for hardware-based 2FA devices like ‘YubiKey’.
Binance while explaining the last weeks ‘security breach‘, stated that an anonymous hacker was able to hack around over 7,000 Bitcoins [BTC] (worth about $41 Mln at the reporting time) from the exchange’s hot wallet. The hackers accessed both the user API keys and 2FA codes to withdraw the crypto assets.
Binance stopped withdrawals and deposits however allowed intra-token trading on their platform. The hackers quickly transferred the hacked assets, inflicting some to ‘speculate‘ that they’re preparing the launder the money via several other exchanges.